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Income Taxes
9 Months Ended
Sep. 30, 2017
Income Tax Disclosure [Abstract]  
Income Taxes

Note 13 Income Taxes

 

The effective income tax rate for the three and nine months ended September 30, 2017 was 19.3% and 9.8%, respectively, compared to 16.9% and 18.0% for the three and nine months ended September 30, 2016, calculated based on a full year forecast method. The tax expense recorded for the three and nine months ended September 30, 2017 was lowered by a $0.1 million and $3.4 million discrete tax benefit from stock compensation activity during the respective periods. Without the discrete benefits, the three and nine months ended September 30, 2017 effective tax rate was 19.9% and 22.3%, respectively, and were comparable to the prior periods. The quarterly tax rate differs from the federal statutory rate primarily due to tax benefits from stock compensation activity, interest income from tax-exempt lending, bank-owned life insurance income, and the relationship of these items to pre-tax income. See management’s discussion and analysis for further information.